The Federal Government diverted N378b from the Nigerian Liquefied Natural Gas (NLNG) dividends to pay for petroleum products subsidy.
Premium Times reports that the fund was gotten between December 2017 and January 2018 at a time the country was battling scarcity of the products.
Concise News had reported that the Nigerian National Petroleum Corporation (NNPC) had an alleged $3.5b subsidy fund it is spending without appropriation by the National Assembly – a report which the corporation had denied.
According to the NNPC, it has a $1.05b fund used for the stabilization of petrol supply and distribution in the country.
However, the latest report shows that the money used by the subsidy payment came from dividends paid to the federal government by the Nigeria Liquefied Natural Gas (NLNG) company.
The dividends from the firm are to be shared among the federal, state and local governments in the country.
They are also meant to be remitted into the Consolidated Revenue Fund of the Federation instead of being used unilaterally by any tier of government.
However, the report by Premium Time showed the Federal Government solely took out of the NLNG funds.
This was also done without the appropriation by the National Assembly.